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Canada emerges as a hub for blockchain technology

Canada Blockchain Technology

Cryptocurrencies became global phenomena over the years. It’s hard to find any bank, financial company or investment groups that have better offer to the world than cryptocurrencies. With the help of a crypto chain, people can easily send and receive the funds, without the control from third parties.

From the Bitcoin to Dash, every cryptocurrency is built-in blockchain technology. Blockchain is a decentralized and very secure system of technologies. Billionaires like Bill Gates and Mark Cuban are big fans of blockchain technologies. Mark Cuban, owner of Dallas Mavericks has invested millions of dollars in Bitcoin. Billionaires call it “internet gold” while some experts believe that the bubble of blockchain currencies will end soon.

From the day of the appointment, Justin Trudeau has never hidden the love of cryptocurrencies. Premier Minister of Canada has even created a digital economy roadmap for citizens and local companies. Economy experts believe that under Justin Trudeau’s leadership, Canada became the hub of blockchain technologies.

Canada’s new law for acceptance of blockchain technologies

While block-chain technologies gain trust and secureness in the eyes of consumers and investors, the Canadian government became first to create block-chain law.

According to Canadian economy experts, the country has entered into an interesting cycle. Canada has created the fundamental law for digital gold while banks and financial institutions are still struggling to believe in it. Experts believe that a liberal law framework and easy access to cryptocurrencies made the country the international hub for millions of investors and consumers.

The first cycle of blockchain development in the country started with the gambling industry. The online gaming sector has been allowed to accept and receive the transactions through Bitcoin, Ripple, Ethereum, etc. casino websites started accepting cryptocurrencies from 2018.

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When it comes to online gambling, it’s important to securely manage the funds. That’s why Canadian casinos have seen a steady rise after the approval of cryptocurrencies. There was a massive growth interest from international gamers. After the rise of Bitcoin, internet users have the freedom to choose and play the best Canadian bitcoin casinos. With the help of Bitcoin, it became easier to manage the funds through casino dashboards.

Since 2018, Canada’s economy is growing at a better rate than other top economies of the world. The new law framework for online gambling gave a big boost to economic contribution. For instance, the gambling sector has contributed more than 20 billion dollars to the economy in 2019. Prime Minister is expecting more 20% growth of contribution from the gaming sector in the next five years. The liberal approach of the country’s leader leads to the growth of the national budget.

Canada enters into the second digital age

If we take a look at the economy of 20th century Canada, then it’s visible that technologies were not an advantage of the country. In the last 100 years, Canada’s economy was “resource-based”. As the world enters into the second digital age (first happened upon the arrival of the computers and the internet), Canada has a chance to become the leader in the blockchain industry. It’s not only about being “hub” for blockchain but to convince billion-dollar companies to build their branches in Canada and create a blockchain ecosystem there.

What’s so attractive in Canada? Why would billion-dollar companies build the blockchain ecosystem in the land of Hockey? Local economists believe that a liberal legal framework is already enough resource to convince billionaires in the effectiveness of Canada. The country has a very rare example of how different industries have seen the rise thanks to the new legal framework of blockchain.

The leader of the Liberal Party of Canada has even created the roadmap for companies and Canadians. Justin Trudeau truly believes in technologies, especially in blockchain systems. His roadmap for a better digital economy in Canada is a perfect offer for the biggest conglomerates.